The median price of a single-family home in Chicagoland was up 22.8% year over year in June, reaching a sticker price of $349,900, according to the Mainstreet Organization of REALTORS (MORe).
It’s a record high, as was the median sales price of attached homes at $205,500, which is year-over-year increase of 15.3%.
MORe noted that National Association of Realtors Chief Economist Lawrence Yun says to expect continued price gains across the nation for the next few months. Though he predicts price declines will be small and short lived, Yun advises that the market will begin to cool by the end of the year and into 2022.
“Here in the Chicago suburbs, we’re seeing developers start to address the shortage of inventory that we’ve been feeling for months,” MORe Board of Directors President Linda Dressler said in a press release. “For example, both the Motorola campus in Schaumburg and the AT&T campus in Hoffman Estates are currently being redeveloped to incorporate housing and meet the current need.”
That effort could be delayed due to the high cost of construction materials, according to MORe.
“We’re going to continue to see high demand in the region in the short-term and the long-term,” MORe CEO John Gormley said in the press release. “As we look forward, we expect more people to migrate to the Midwest to avoid sea level rise due to climate change. We have a great quality of life here in Illinois and people are going to come looking for that.”
MORe released the following numbers reflecting median price growth in June for detached single-family homes in the suburbs: Antioch (35.7%); Carol Stream (27.7%); Chicago Heights (93.9%); Elk Grove Village (32.6%); Geneva (31.3%); Green Oaks-Libertyville (29.9%); Hinsdale (36.9%); Homewood (57.7%); Ingleside (30.8%); Inverness (29.1%); Lake Villa-Lindenhurst (37.0%); Lansing (39.8%); Matteson (48.0%); Maywood (37.5%); Naperville (27.3%); Orland Park (29.9%); Park City-Waukegan (37.8%); Park Forest (57.8%); South Holland (45.4%); St. Charles (28.1%); Vernon Hills (56.2%); West Chicago (37.3%); Western Springs (29.5%); and Zion (32.1%).